The INDYCAR Series on Friday denied reports that CEO Randy Bernard has been fired.

“Randy has not been fired,” INDYCAR spokesperson Amy Konrath told RacinToday.com on Friday afternoon. “His employment status has not changed.”

The Indianapolis Business Journal reported earlier in the day that “sources familiar with the situation” said that Bernard has been secretly fired by series ownership. The story in the IBJ said owners wanted to keep the move secret until “a contingency plan (is put into) place to operate without Bernard.”

The story went on to say that INDYCAR, which is owned by the Hulman-George family and which also owns Indianapolis Motor Speedway, was not happy with the series’ economic situation.

Bernard was hired by the open-wheel series in 2010 to replace Tony George, who founded the Indy Racing League in the mid-1990s. George, who subsequently reunited the IRL with the Champ Car series with which it was estranged, was relieved of duties by his family.

George was subsequently re-appointed to the INDYCAR board of directors, but resigned earlier this month. It has been reported that George is attempting to re-acquire the IndyCar Series.